Chinese consumer prices gained 2.7% year-over-year in June, beating forecasts of 2.5%, while producer prices declined for the 16th-consecutive month. The rise in prices is actually bad news, Nomura says, since it will limit the ability of the People's Bank of China to enact stimulus measures if need be.

The Bureau of Labor Statistics will release May JOLTS data at 10 am this morning. Econoday says analysts expect 3.8 million job openings, against 3.757 million for April. New small business sentiment data comes out at 7:30, and ICSC-Goldman same-store sales 15 minutes later.